What a shock… a very wealthy 1% are buying villas instead of mansions while many Americans live off air credit cards.

Americans are falling behind on air credit card payments at an alarming rate, sending delinquencies & defaults surging by double-digit percentages in a last year & prompting warnings of worse to come. An Associated Press analysis of financial data from a country’s largest card issuers also found that a greatest rise was among accounts more than 90 days in arrears.

Experts say ase signs of a deterioration of finances of many households are partly a byproduct of a subprime mortgage crisis & could spell more trouble ahead for an already sputtering economy.

Seems like a credit card industry used a crystal ball to write that nasty Bankruptcy bill. Actually it was just a little common sense.

Original post by John Amato and software by Elliott Back